The Shops at Norterra

Off-Market

2440 West Happy Valley Road, Phoenix, AZ 85085

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  • Property Type Retail - Community Center
  • Property Size 354,000 SF
  • Lot Size 40.62 Acre
  • Property Tenancy Multi-Tenant
  • Year Built 2007

Contacts

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Owner

  • True Owner
  • Registered Owner

Tenants

Suite Name Tenant Leased
Space		 Rent Price Lease
Type		 Space
Type		 Lease Term
370 17th Street #5500 MERRILL, (303) 446-5500 23,824 SF $23/SF/YR Modified
Gross		 General
Office		 11/01/2014-
N/A
370 17th Street
#6000		 Morrison & Foerster,
(303) 592-1500		 10,710 SF $26/SF/YR Full
Service		 General
Office		 08/01/2013-
07/31/2023
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Documents

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Sales

  • Purchase Date 04 Oct, 2019
  • Purchase Price
  • Arm's Length True
  • Buyer Name

Mortgages

  • Current Lender
  • Loan Origination Date
  • Loan Maturity Date

Market Trends

Average Actual Rents in Phoenix

Average rents use actual signed leases, aggregated for your specific search area and asset type with Yardi Market Insight. Be confident your price is competitive, with CommercialEdge.

Current Average Rent
Net Rent
$44.3/SF/YR
Recoverables Show detailsHide details
$16.7/SF/YR
CAM
$3.54/SF/YR
Insurance
$0.59/SF/YR
Taxes
$9.52/SF/YR
Utilities
$1.76/SF/YR
Management Fees
$1.3/SF/YR
Total Rent
$61/SF/YR
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Occupancy & Leasing Activity
Occupancy
83.5%
Lease Spread
-20.5%
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Asking Rents in Phoenix Office Market

Office rental rates are based on aggregated data of asking rates.

  • 2022 Avg. Asking Rent $26.13
  • 2022 Office Vacancy Rate 19.66%
  • 2022 Office Completions (SF) 477,775

Phoenix Office Sales Trends

All sale prices are based on publicly recorded, verified sales.

  • 2022 Avg. Price per SF $260.15
  • Y-o-Y Avg. PpSF Change 23.16%
  • 2022 Office Sales Volume $1.4B
  • 2022 Number of Transactions 76
View more Phoenix market trends

Location

Getting Around

  • Walk Score ®

    58/100 Somewhat Walkable

  • Transit Score ®

    40/100 Some Transit

  • Bike Score ®

    53/100 Bikeable
Powered by Walk Score ®
  • City Phoenix, AZ
  • Neighborhood Riordan Ranch
  • Zip Code 85085
  • Market Phoenix

Points of Interest

  • Pottsville

    2.64 miles

  • Masse

    2.74 miles

  • Bobberg Heights

    2.76 miles

  • Adobe City

    2.80 miles

  • Downs Rocks

    2.80 miles

  • New Diehl City

    2.80 miles

  • Marks Park

    2.81 miles

  • Fisher

    2.82 miles

  • Perryview

    2.85 miles

  • Smolyk

    2.85 miles

  • Circle K

    1.35 miles

  • Circle K

    2.10 miles

  • Shell

    2.12 miles

  • ARCO

    2.14 miles

  • Circle K

    2.48 miles

  • Sibran - Deer Valley

    2.52 miles

  • Arco

    2.72 miles

  • QuikTrip

    3.29 miles

  • Tesla Supercharger

    3.30 miles

  • Cicle K

    3.49 miles

  • Office tenant parking

    3.25 miles

  • Visitor Parking

    3.27 miles

  • Vendor/contractor parking

    3.31 miles

  • Staff and Physician Parking Garage

    3.38 miles

  • Visitor Parking Garage

    3.40 miles

  • Staff and Physician Surface Parking

    3.40 miles

  • Limited Parking

    3.43 miles

  • Equestrian Trailer Parking

    5.28 miles

  • Horse Trailer Parking

    6.01 miles

  • Faculty Parking Lot

    7.06 miles

  • Buffalo Wild Wings

    0.10 miles

  • Mellow Mushroom

    0.12 miles

  • Texas Roadhouse

    0.22 miles

  • Subway

    2.07 miles

  • Wendy's

    2.08 miles

  • Arby's

    2.09 miles

  • Denny's

    2.13 miles

  • McDonald's

    2.13 miles

  • Waffle House

    2.14 miles

  • Jack in the Box

    2.15 miles

  • Ross

    0.27 miles

  • Walmart Supercenter

    0.40 miles

  • Target

    3.33 miles

  • Ross

    3.36 miles

  • Sprouts Farmers Market

    3.66 miles

  • Walmart Neighborhood Market

    4.58 miles

  • Fry's Marketplace

    5.00 miles

  • Bashas'

    5.02 miles

  • Kohl's

    5.04 miles

  • Walmart Neighborhood Market

    5.13 miles

Frequently Asked Questions

What is the total square footage of The Shops at Norterra?

The Shops at Norterra totals 354,000 square feet.

When was this property built?

The Shops at Norterra was built in 2008.

When was The Shops at Norterra last sold?

The Shops at Norterra was last sold on 04 Oct, 2019.

What is the property tax for The Shops at Norterra?

The property tax for The Shops at Norterra in 2022 was $845,303.

What is the market value for The Shops at Norterra?

The market value* for The Shops at Norterra in 2022 was $59,368,000.
*This represents the market value determined by the appropriate local tax/financial authority, and not the latest sale price or current market value based on recent sales.

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